Estimating a New Zealand NAIRU

Arbeitspapier

This paper estimates the non-increasing inflation rate of unemployment or NAIRU for New Zealand. A NAIRU that varies over time has important implications in considering inflationary pressures. This paper estimates the time-varying NAIRU using a Kalman filter on a reduced form approach and extends previous studies in several ways. Using different model specifications and dependent variables suggests a band of NAIRU estimates of between four and five percent (with further error bands around that). The results of this paper indicate that the NAIRU is a relevant concept and the unemployment gap should be one of the factors considered when assessing inflationary pressure.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: New Zealand Treasury Working Paper ; No. 04/10

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity ; Price Level; Inflation; Deflation ; Estimation: General ; Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
• Thema: NAIRU ; Kalman filter ; Unemployment ; Phillips Curve ; New Zealand

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Szeto, Kam Leong ; Guy, Melody
• Ereignis: Veröffentlichung
• (wer): New Zealand Government, The Treasury
• (wo): Wellington
• (wann): 2004

Weitere Informationen

• Handle: http://hdl.handle.net/10419/205550
• Letzte Aktualisierung: 10.03.2025, 11:42 MEZ